Should we pull out? The ever extending chain....(15 Posts)
So sold our house early December and bought at the end. Our buyers are chain free, our sellers are not. They took a while to find and we were obviously hoping they'd find somewhere with no onward chain, but their sellers have gone from saying they'll definitely rent so breaking the chain, to finding a house with an added chain, which takes the entire chain to 6. Not great.
A potential chink is that the end of the chain are actually going into a new build which isn't ready until mid spring and we all know how much we should rely on those 'ready to move into dates'
So we've gone from all wheels in motion and thinking we should be in by March to now maybe summer time! And that's assuming that our buyers don't get pissed off waiting and pull out and that our sellers sellers don't have issue with mortgage approval or surveys etc.
It's not the wait per se that's bothering me, but the fact that the more time goes on, the more likely our buyers will pull out and the whole chain collapses.
Should we just focus on finding somewhere chain free? We would lose money at this stage. About 1k I reckon.
I would feel bad for our sellers, but it's taken us so long to get to this stage, we desperately don't want to lose our buyers.
I would keep looking, tbh. There are too many weak links to make this a reliable chain.
Have you told your buyers? if it's their dream home, they may be happy to wait until the summer?
That is so annoying. Our buyer pretended to be going into renting until we were about to exchange.
The new build would worry me, sometimes they complete months later than they should.
I would keep looking and if something else comes up i would pull out. Id also let your buyers know so they dont lose the will to live. We bought a new house, they promised us it would be ready in January and it was the end of April before we moved, so I wouldnt believe anything they tell you!
I'd keep looking, 'we'll move into rented' is 'the cheques in the post' of moving house. We have fallen foul of that tale before and if you look on the living threads so have many others!
If they are moving to new build don't take any assurance that they will move as scheduled. Builders have over optimistic completion dates
A friend bought and moved in four months late. She then found that others had all been delayed between 2-6 months
Thanks for the replies.
Urgh I feel so deflated. I don't know the best way forward.
Do I just ask our EA how they think our buyers would take an extended waiting time? They're investors, so it could go either way I suppose. They're purely buying with their investors head, so that could work for and against us.
Saying to our sellers EA that we're not happy with the new chain isn't really going to put pressure on anyone, as it is what it is. Our sellers seller aren't going to suddenly change their mind and move into rental if they've found a house they want to buy and our sellers aren't going to buy a different house which is chain free, just to keep us happy, so we either take the risk and accept it's going to be extra stressful or we pull out now and assure our buyers that we're looking for a no chain or very short chain onward property.
That said, there isn't actually that much on right now
Just an update- our buyers have been told about the new chain and are apparently ok with it, but I guess only time will tell.
I am still looking on RM, but I don't know how to go about actually viewing, because I'm registered with pretty much every EA round here now and I know that EAs talk, so if word gets out that I'm still viewing houses, that's not going to look good for us is it?
One that I really liked, but had sold has just come back on the market, but is on with our EA, so I can't view it can I? They would have to tell the vendors our position and I don't think I'd have allowed a viewing with someone who had already bought somewhere else Obviously it's STC, but still. Also, wouldn't I EA need to keep our sellers EA in the loop?
Of course you can. Remember that your EA is working for you, they don't want to lose your sale any more than you do!
And this doesn't look as bad as you'd think it might. You've got buyers, you're extremely motivated to move quickly, you're looking because you want it all to go through, not because you're flaky.
@LBOCS2, I guess. So you don't think it's something they're obliged to tell our sellers EA?
No, I don't.
And they'd be bloody stupid to too. If you go for the house that's just come on, they'll get the commission for sales twice over as they're selling that one too. If they tell your vendor and the chain breaks down then your purchaser pulls out, what's to stop you from going with another agent?
Your EA's will be chomping at the bit to arrange you a viewing on another house they also have up for sale. Double commission for them.
Good points. I'll give them a call tomorrow.
If they are investors then they may be happy to complete now and agree to you renting your home for 6-months.
You have my sympathy, we are in a similar situation.
We sold and had an offer accepted at the beginning of November, only 3 in the chain. The property our vendors were moving into was empty, only that fell through when a family member moved in and demanded to be sitting tenants!
They found another property, the owners of that were going to move into rented because they are relocating. They found a property they wanted to buy instead and now that has been added onto our chain, several weeks behind everyone else. I have no idea what the situation above them is.
The people at the top are really dicking about, dragging their feet with signing documents etc to buy them time. We were hoping to exchange next week but god knows when it will be. Our buyers are getting a bit twitchy.
I hope you get a solution and the viewing of the other property goes well.
Join the discussion
Registering is free, quick, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.Get started »
Please login first.